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Human Resources is an integral part of any business venture. It is the department that makes sure the organization is comprised of people who are oriented to the vision and mission and are capable of delivering upon it. Human Resources is mainly concerned with the employees of the organization and managing their data to optimize maximum productivity. Here is where HR Analytics can empower employers to make more informed business decisions. Having a data science professional in the HR team can provide the organization with insights for effectively managing employees so that business goals can be reached quickly and efficiently.
Here’s why data science will be an upgrade for your HR team:
1. Employee sentiment analysis: A lot of systematic and unsystematic information relevant to employees is available to the HR which can be leveraged to create measure and redesign the policies, called sentiment analysis. Sentiment analysis includes much more than just the annual survey; an employee's data is continuously tracked, analyzed and scrutinized on key topics by the data scientist. Basic Social Network Analysis through their Facebook, Twitter, and LinkedIn profiles etc. also provide valuable feed for sentiment analysis.
2. Better insights: Big data analytics can serve as a window into employees’ professional lives. By tracking, analyzing and sharing employee performance-related data, employers and HR not only gain more insight on employees but boost individual motivation and overall engagement. Applying performance analytics can also help employers identify and acknowledge top performers, along with workers who may be struggling in their positions and point ways to help their progress.
3. Reducing employees’ turnover: One big advantage of utilizing HR Analytics and having a data scientist in the HR team is the opportunity to learn why employees leave - and why they stay. By analyzing data from tools like employee satisfaction surveys, team assessments, social media, and exit and stay interviews, etc. HR can essentially predict (and thus, prevent) employee attrition. Data science professionals can further allow the HR team to identify issues that lead to lower employee engagement, as well as opportunities to boost engagement, thus resulting in a more effective workforce.
4. Better training: Workforce training in an organization can be really expensive, and a follow-up training program is much more expensive. A data science professional can measure the potential and effectiveness of training initiatives and ensure that employers are making wise investments concerning employee development. By obtaining and analyzing data related to training programs, data scientists allow the HR to ensure whether the employees are taking advantage of the professional development opportunities being offered to them or if they are applying the knowledge gathered by them during the training courses. This will result in better customization of the training courses in the future and can reduce the expenditure on unnecessary training courses.
5. Better hires: Analyzing big data of potential candidates gives the opportunity to become more analytical and strategic in acquiring candidates. Collecting data from their various social media, online resume databases, records of employment, applications, tests, etc. and subsequent analysis provides useful information. Many iconic organizations have come to rely heavily on HR Analytics for their new hires. For instance, Google has its own hiring algorithm that it claims to be extremely effective. Rather than relying on repetitive resumes and ‘gut feeling’, one can use this information to hire the best candidates among all the applicants.
Thus, having a data science professional in the HR team can significantly profit the organization as long as their workforce is concerned. An organization is only as good as its employees and HR Analytics can help ensure that the organization is being represented by the best workforce. Industries across the globe are rapidly implementing HR Analytics and upskilling their Human Resources team with Data Science. Now is the time to make your shift to a better managed Human Resources department.
What are some interesting progresses in HR Analytics you’ve come across? Tell us in the comments!
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